Finance History|11 Wall Street — A Frame Shop Joins the S and P 500 as AOS
· 2017-7
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Finance History|11 Wall Street — A Frame Shop Joins the S and P 500 as AOS
kevin
People treat A. O. Smith as a Milwaukee water-heater name that was always large-cap.
The letters AOS reached the S and P 500 only in 2017, after the frames had already left town.
Charles Jeremiah Smith opened a Milwaukee machine shop in 1874 as C. J. Smith and Sons, making parts for baby carriages and then bicycle tubing.
In 1899 Arthur Oliver Smith pressed the first steel automobile frame. Henry Ford ordered 10,000 frames in 1906.
Arthur incorporated A. O. Smith Company in Milwaukee in 1904. The Hopkins Street plant later housed the Mechanical Marvel, an automatic frame line that the American Society of Mechanical Engineers listed as a Historic Mechanical Engineering Landmark.
Wisconsin's historic register records a 3,700 percent rise in frame productivity at that plant. The firm became the country's primary chassis supplier for most of the century.
Glass-lined brewery tanks and, in 1936, the first glass-lined residential water heater grew from the same enamel shop. The water-heater book outlived the frame book.
The automotive business was sold to Tower Automotive in 1997. Common stock already traded on the New York Stock Exchange under AOS.
On 20 July 2017 the company announced it would join the S and P 500 Index before the open on Wednesday 26 July. Chairman and chief executive Ajita G. Rajendra called the move a milestone in a 143-year history. The GICS Building Products sub-industry took the name.
The listing itself was not new. The index change was. Index funds that track the S and P 500 had to buy the book that morning.
The mechanism is a family frame shop that financed Detroit, then used an enamel line to stay listed as a water-technology firm long enough for the large-cap index to take the ticker.
The pin is the public Broad Street viewpoint at 11 Wall Street, the tape that carried AOS into the index. The Hopkins Street historic district is a separate site and is not this pin.
Photo: New York Stock Exchange, Broad Street facade, via the collection photograph already ingested for 11 Wall Street listings.
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